Discount for Benefit Commencement before Age 62 Sample Clauses

Discount for Benefit Commencement before Age 62. If the Executive’s benefit commencement date precedes the first day of the month following his attainment of age 62, the Executive’s Pension Make-Whole benefit, expressed as a single life annuity, is determined by reducing the amount described in Section 1(a)(i) (without regard to Sections 1(a)(ii), 1(a)(iii) and 1(a)(iv)) by .334% for each month (4% per year) that the Executive’s benefit commencement date precedes the first day of the month following his attainment of age 62 and then offsetting that reduced amount by the amount described in Section 1(a)(iii), applied as of such benefit commencement date pursuant to Appendix A, and the amount described in Section 1(a)(iv), also applied as of the benefit commencement date, and, in addition, offsetting such reduced amount by the amount described in Section 1(a)(ii), applied pursuant to Appendix A, with respect to payments scheduled to be made on or after October 1, 2013. If the Executive’s benefit commencement date precedes the first day of the month following his attainment of age 62 and the Executive’s benefit is not paid in a life annuity but instead is paid in a different optional form that is made available, the offsets described in Sections 1(a)(iii) and 1(a)(iv) shall not be applied to the life annuity benefit (with respect to which an actuarially adjusted optional form of payment is calculated). The actuarially adjusted optional form of payment that is calculated under Section 3(c) with respect to the single life annuity determined under the first sentence in this Section 1(b), subject to offset after October 1, 2013, pursuant to Section 1(a)(ii), will be offset by the actuarial equivalent of the amounts described in Sections 1(a)(iii) and 1(a)(iv), as of the benefit commencement date pursuant to Section I of Appendix A. Examples of these calculations are set forth in Appendix B.